June 1, 2020
The real estate market in eastern Washington has remained active during the Covid response according to Flo Sayre, managing broker for Farmers National Company in Pasco, Washington. "We are getting regular calls to list properties and are still actively showing properties, although most have been virtual showings."
Tier 1 farmland with project water has remained strong at the upper price levels especially if the use will be for higher value crops. Potato and onion producers are facing challenges with decreased demand from restaurants and institutional food services. Alfalfa demand is questionable as dairy producers experience losses and exports are variable. There are challenges for area producers as they look to better times ahead.
Sayre believes the real estate business will continue through the current situation. The market will remain active as some people will be moving money into real estate from other investments. During times of uncertainty, many people look for a safe investment especially for the long-term.
There is a level of interest from sellers wanting to explore selling their land or property during the next six months. Now more than ever, sellers should be seeking a trusted advisor who knows the local area to market and sell their property in the months ahead.
Senior Vice President - Real Estate Operations
|Category: Agricultural Real Estate News|